When she joined the foundation as its first development officer in 1995 the organization had $38 million in assets. Today it has about $169 million in assets, and Nielsen is credited for much of that growth.

"We have been fortunate to have a leader with Kate's insight, inspiration and community knowledge," board chairman Robert Holmes Jr. said in a prepared statement. "We wish her the best as she plans the next chapter in her life."

The foundation's board will meet late next month to begin planning a search to find a successor.

Nielsen, in an interview this morning, said the time was right for her to step aside because of the strength of the foundation's staff and leadership.

"My goal has always been for the Community Foundation to continue to grow," she said. "Right now we are at a particularly strong place. Our reputation is very strong."

She will remain at the foundation long enough to ensure a smooth transition, and after her depature will remain active in the community, she said.

"I will always stay involved in this community that I love," she said.